Financial performances of a business entity play a crucial role in handling all the internal activities (Edirisooriyaa 2014). In this research study, the focus will be on the evaluation of the kind of impact financial performances of an organization can have on the satisfaction level of the employees. For that reason, the study will consider Bank of Queensland Limited to highlight the significance of maintaining financial standards to encourage employees to give their best at the workplace. Bank of Queensland has focused on evaluating different strategies to improve its financial condition at different level.
Bank of Queensland was established in 1874 with the objective of providing retail-banking services to the Australian people. Recent performance assessment as highlighted the fact that financial earnings of Bank of Queensland has dropped by 3%, which has affected internal management of the operational process (boq.com.au 2017). For instance, Bank of Queensland has facing problem of providing proper benefit level to all the employees. It would create direct impact on the motivational level of the employees towards performing their provided responsibilities. As a result, it would direct adverse impact on the performance level of the employees. The study will focus on highlighting the significance of maintaining financial performances for encouraging employees to perform at their optimum level.
Impact of Reward and remuneration on employee performances:
As highlighted by Shields et al. (2015) reward and remuneration has greater impact in maintaining the mental setup of the employees. For that reason, several organizations have focused on developing clear and effective remuneration and reward system for fulfilling the business objectives in an appropriate way. It has been assessed that employee with higher level of remuneration has tried to provide superior impact on the performance level. Moreover, Anitha (2014) have highlighted the fact that employee performance heavily depends on the satisfaction and motivational level of the employees. Therefore, it is necessary for all the business entities to focus on maintaining the positive work culture in an appropriate manner. However, it is necessary for the management of business entities to evaluate the performance level of all the employees at the time of deciding the remuneration package. Otherwise, it might create negative impact on the performance level of the employees (Dobre 2013). On the other hand, higher pay structure or remuneration package increases the cost associated with the operational process. Therefore, in order to maintain the higher remuneration for all the employees, organizations need to be on the financially strong position. Otherwise, it might not able to achieve sustainable expansion in the market.
Other variables associated with financial condition that can have impact on employee performances:
As opined by AbuKhalifeh and Som (2013) financial condition of business entities play a major role in fulfilling the entire requirements of the operational process. Strong financial condition allows organizations to include proper amount of resources for fulfilling the business activities. Conversely, financially weak position induces organizations to focus on completing all the requirements with the limited resources. As a result, it increases the amount of pressure that employees will have to face in performing their provided responsibilities. It directly affected the work life balance of the employees. Thus, it eventually creates negative impact on the satisfaction and motivational level of the employees, which also create negative impact on the overall performance level. As highlighted by Boeri, Lucifora and Murphy (2013) financially strong condition provides assurance to the employees regarding the career enhancement process. Therefore, it induces employees to remain associated with the business entities for a long period of time. Otherwise, organizations will have to deal with high employee turnover issue, which eventually affect the overall performance level. For that reason, it is necessary for the organizations to maintain financial condition at the desired level to motivate the employees to perform beyond their capabilities.
The study would consider following questions:
- What is the satisfaction level of the employees working in the Australian banking sector regarding their remuneration?
- What are the prime challenges that Bank of Queensland is facing in order to satisfy its employees?
- What is impact of present remuneration package initiated by Bank of Queensland in maintaining employee performances?
- What is the best possible way for Bank of Queensland to improve present financial performances?
According to Mackey and Gass (2015) outcome of any study depends on the selected methodology, as it allows the study to move forward towards a particular direction. Now, in order to use methodology effectively, the study needs to cover research philosophy, approach and design perspectives. Now, in order to understand the impact of financial condition of Bank of Queensland on the employee performances, the study would consider positivism research philosophy. It would allow constructing hypothesis based on the present financial condition of Bank of Queensland. Therefore, it would eventually help to include appropriate information related to the research topic (Silverman 2016). On the other hand, the research would not focus on other philosophies due to time limitation. In addition, the research would focus on deductive approach, as it can help to include different previous studies and concepts appropriately. Thus, it would help to include information regarding the significance of financial condition on the employee performances. Moreover, it would help to test the formulated hypothesis in an effective way (Flick 2015). Conversely, the research study would not focus on the inductive research approach, as the topic does not require any introduction of new concepts or theories. For understanding the importance of the financial condition of Bank of Queensland on employee performances, the study would choose descriptive research design. As per the article by Taylor, Bogdan and DeVault (2015) descriptive research design can help the study to include appropriate design in a major way. It also would help to identify the factors that can have major impact on the performance level of the employees. Therefore, it can help Bank of Queensland to focus on the development of effective decision-making process for enhancing the performance level of the employees in an effective manner.
Referred to appendix section
According to Panneerselvam (2014), research process represents the systematic completion of all the required activities. The first step would focus on establishment of clear aim and objectives to direct the study towards a particular direction. Therefore, it would focus on proper evaluation of the background of the study. The second step would focus on developing literature review section based on the impact of financial condition on the employee performances. In this step, the study will include several previous literatures regarding the employee performance perspectives to add value to the research study. The third step of the study would consider proper utilization of research methodology perspective to ensure that all the objectives can be fulfilled in an efficient manner. Fourth step of the study would focus on the selection of data collection and analysis technique so that it can able to depict the actual situation efficiently. The step also focuses on identifying best possible tools for analyzing the collected data in an effective manner. Fifth step focuses on the proper conclusion of the study where all the requirements are meet at the optimum level. It would also focuses on identification of proper recommended strategies for enhancing the performance level of the employees.
Data Collection and Analysis Method:
According to Flick (2015), data collection process help the study to include in-depth information about the research topic. In order to understand the impact of financial condition of Bank of Queensland on employee performances, the study would consider primary data collection technique. Here, the study would only focuses on the quantitative data collection approach to understand the trend in an effective manner. Moreover, it would also help to include different perspective of the respondents in an efficient manner. For that reason, the study would include online survey strategy to collect appropriate information about the research topic. In order to estimate the impact of financial condition of Bank of Queensland on the employee performances, the study would focus on using non-probability sampling technique. Here, the study would choose 100 employees working in Bank of Queensland to assess the exact amount of impact that financial condition of the organization can have on the performance level of the employees. In addition, the study would also consider statistical techniques like mean, median, mode, correlation and regression for analyzing the captured information appropriately.
Expected Research Outcomes:
The discussion has highlighted the fact that the research study will include all possible factors associated with the financial condition of Bank of Queensland that can have impact on the performance level of the employees. Therefore, it is expected that the study will provide best possible way to maintain the bonding strong between the employee performance and financial condition. Moreover, it is expected that the study will also provide an idea regarding the kind of impact that decreasing financial growth of Bank of Queensland will have on the employee performances. It is also expected that the study will provide effective recommendation for keeping the performance level of the employees at the desired level.
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